Miami International Holdings, which operates four US options exchanges as well as equities and futures exchanges, raised $345 million by offering 15 million shares at $23, above the range of $19 to $21. At the pricing, the Princeton, NJ-based company commands a fully diluted market value of $2.3 billion.
Originally focused on the US options trading industry, the company now operates across a diverse number of asset classes, enabled by its proprietary technology. Its organically developed markets currently include options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire, and US equities through MIAX Pearl Equities, all of which were built on its proprietary technology. Its acquired exchanges offer trading in US futures through MIAX Futures and MIAXdx, and international listings through The Bermuda Stock Exchange and The International Stock Exchange Group. For the six months ended June 30, 2025, average daily volume in US options on the MIAX Exchanges was 8.7 million contracts, as compared to 6.5 million contracts in the same period in 2024.
Miami International Holdings plans to list on the NYSE under the symbol MIAX. J.P. Morgan, Morgan Stanley, Piper Sandler, Keefe Bruyette Woods, Raymond James, William Blair, and Rosenblatt Securities acted as joint bookrunners on the deal.
